From the Collaborative Bond and Money Market Data Portal.   


A standard against which the performance of a security can be measured or priced. In Money Markets and floating rate bond markets, Euribor, Libor and other short term benchmarks are used. In fixed rate bond markets liquid Government bonds are used.


In the Collaborative Bond and Money Market Data Model the field Benchmark is used in the context of the field Spread. MS stands for Mid-Swaps. G stands for the relevant Government Bond of the same maturity. MS+5 means Mid-Swaps plus 5 basis points.


The term Benchmark is also used in CMDportal's Indication of Interest or IOI system. Here users can post absolute yields in percentage points against the relevant Day Count Convention. 0.3055 means 30.55 basis points and 30.15 means 30.15 percentage points.